Asia-focused impact investor ABC Impact has closed its second fund at US$600m (€529.2m), doubling the size of its first fund.
ABC Impact Fund II is supported by investors, including Temasek; Temasek Trust; the Asian Development Bank (ADB); Mapletree Investments; SeaTown Holdings; a Southeast Asia sovereign wealth fund; a US family office; and ultra-high-net-worth individuals.
Launched in August 2023, ABC Impact II will focus on four core development goals: clean energy and climate resilience, sustainable food systems, inclusive finance and healthcare.
The fund’s investments to date include Tekoma Energy in Japan, a renewable energy developer specialising in solar projects.
Benoit Valentin, head, impact investing, Temasek, said: “In a rapidly changing world, we are facing increasingly complex and far-reaching social and environmental challenges. Our partnership with ABC Impact is a core pillar of Temasek’s impact investing strategy, reflecting our belief that impact investing can scale capital to address the pressing issues we are facing.
“By working together, we can create a more inclusive and sustainable world where every generation prospers.”
Jackie Surtani, ADB’s regional director and head of the Singapore Office, said: ”The impact investment landscape in the region remains nascent, with a significant funding gap for growth-stage companies. ADB’s investment in ABC Impact Fund II reflects our commitment to catalysing impact capital across Asia and the Pacific.”
The Manila-based development bank has committed equity of up to US$20m to the fund.
Tow Heng Tan, chairman, ABC Impact, said: “The successful closing of Fund II underscores the trust that leading institutional investors have placed in ABC Impact’s disciplined investment strategy. By welcoming external capital from the likes of Asian Development Bank, we are deepening our commitment to shaping a more sustainable and inclusive future in Asia.”
David Heng, CEO of ABC Impact, said: ”We believe capital, when directed with intent, can help shape pragmatic, market-led responses to the most urgent challenges facing our region.
“From climate resilience to inclusive finance and healthcare access, investing in these areas is both a societal imperative and a long-term business opportunity.”
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